Tuesday, 14 August, 2018

SEC Delays VanEck-SolidX Bitcoin ETF Decision to September

Wall Street Bitcoin ETF Bitcoin loses most of its gains from July rally as SEC postpones ETF decision
Russell Knight | 10 August, 2018, 23:48

Cryptocurrency values were falling on Wednesday after a decision delay by the US Security and Exchange Commission (SEC) kicked sentiment in the bits.

It related to an application for a bitcoin exchange-traded fund (ETF) - a financial product that tracks the price of an asset - backed by blockchain startup SolidX and investment firm VanEck, in what would be the first exchange-traded product of its kind in the States.

According to the official document, the SEC has until September 30 to "approve or disapprove, or institute proceedings to determine whether to disapprove" the proposed rule change.

Despite the fact that the SEC's decision was exclusively for Bitcoin's ETFs, it is the smaller-cap altcoins that have been hardest hit, reporting losses much worse than the world's number one cryptocurrency. Last month, the SEC denied the Winklevoss twins' latest bid to create such a financial instrument, and the agency has delayed ruling on almost a dozen other bitcoin funds.

Issues identified in [the SEC's previous] disapproval order have been resolved.

"I think there's too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores". Additionally, the top 20 cryptocurrencies by market cap have shown massive losses in the last day and a half, losing more than 14% of their value in that time. The first two have a combined daily trading volume of "approximately $150 - $200 million", the presentation details, reiterating that they are all regulated by the U.S. Commodity Futures Trading Commission (CFTC).

Omarosa claims Trump is a racist, used N-word on 'The Apprentice'
The tale of Omarosa Manigault has gotten so large that the White House apparently has no choice but to get involved. She wrote that she worked to get a copy of it and that is why she was sacked from the White House.

Magic Leap One AR Headset Finally Arrives-But Not for Everyone
It is a hyperrealistic action game where the player is pitted against evil robots intent on invading the living room. The Magic Leap One Creator Edition includes the headset, computer, and controller.

Samsung Galaxy Watch: Features of electronic giant’s first smartwatch revealed
What makes the Note series and the Galaxy Note 9 so popular among Android fans is the plethora of features . Samsung launched the Note 9 at 11 a.m.in NY on Thursday, or Friday midnight in Seoul.

The investment firm Canaccord stated in a recent report that it is very unlikely that a Bitcoin ETF will be approved in the U.S. later this year.

Secondly, the product pricing has changed as the proposed trust will use OTC index for pricing and NAV. "A properly constructed physically-backed bitcoin ETF will be created to provide exposure to the price of bitcoin, and an insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin".

Optimism for ETFs have been gathering steam and has helped to fuel a bit of a recovery in Bitcoin over the past month so any sort of delays or stumbling blocks will have some form of negative impact on prices.

"It will take a long time before we see SEC approve ETFs". Let us know in the comments section below.

Need to calculate your bitcoin holdings?

Recommended

Patriots Add $5M In Incentives To Contract Of Tom Brady Patriots Add $5M In Incentives To Contract Of Tom Brady The team says tight end Manasseh Garner, a long shot to make the roster, is out for the season with an ACL injury. "Speak for Yourself" host Jason Whitlock on the fallout from the NFL national anthem protests.

Michael Ball gives verdict on Everton’s summer transfer business Michael Ball gives verdict on Everton’s summer transfer business Everton have completed the signing of Barcelona defender Yerry Mina , who was also being targeted by Manchester United for a move this summer.

'Real Housewives' Bethenny Frankel's sometime-boyfriend Dennis Shields dead of overdose 'Real Housewives' Bethenny Frankel's sometime-boyfriend Dennis Shields dead of overdose The body of the man was found unconscious and unresponsive in a 42nd floor apartment around 9:30 a.m. this morning. It's unclear if Frankel and Shields were together at the time of his death.

House of Fraser bought by Sports Direct for £90m House of Fraser bought by Sports Direct for £90m The Sports Direct chief added: "This is a massive step forward and further enhances our strategy of elevation across the group". Like other retailers, House of Fraser has been stung by soaring costs and falling consumer spending power.

Sprint Center announces Drake and Migos concert postponed until Sunday Sprint Center announces Drake and Migos concert postponed until Sunday The Drake performance that was scheduled to happen tonight at the Sprint Center has been rescheduled to happen on Sunday. That tour, dubbed Aubrey & The Three Amigos Live, was originally scheduled to kick off at the end of July.

Global team gives medication to sick killer whale at sea Global  team gives medication to sick killer whale at sea J50 is the sick whale that a team of experts are hoping to save by giving her antibiotics or feeding her live salmon at sea. Depending on the conditions, the team could gather samples and treat J50 with antibiotics on the same day, he said.

Bulls and Magic Among Teams to Play Games in Mexico Next Season Bulls and Magic Among Teams to Play Games in Mexico Next Season The league has also agreed to a multiyear partnership with Zignia Live to play future games over the next several years in Mexico. Both of the Brooklyn Nets' games in Mexico City previous year against the Oklahoma City Thunder and Miami Heat aired on ESPN.

International News Emery reveals his Arsenal plan 8 hours ago International News Emery reveals his Arsenal plan 8 hours ago Emery urged fans to go into the City game and the season with optimism and said he wanted his players to take one step at a time.

US senators want Julian Assange to testify in Russia probe, says WikiLeaks US senators want Julian Assange to testify in Russia probe, says WikiLeaks Britain has said it will arrest Assange if he leaves the embassy as he skipped bail in order to take refuge in the building. Assange has been residing as an asylee at the Ecuadorean Embassy in London for the last six years.

Kylie Jenner is making a video about her 'lip filler journey' Kylie Jenner is making a video about her 'lip filler journey' She did have the advantage being born into a super successful reality TV family that laid the groundwork for literally every opportunity she's had. "And I don't know, the whole thing is really... it's like such an awesome experience".

Check Out the New ‘Overwatch’ Summer Games 2018 Skins Check Out the New ‘Overwatch’ Summer Games 2018 Skins I tried to put one more word beginning with the letter "m" in the Overwatch Sumner Games 2018 headline, but ran out of room. The seasonal sporting event started on August 9, 2018, and it will continue until August 30, 2018.

Australia's most populous state entirely in drought Australia's most populous state entirely in drought The new rules will increase culling quotas and more shooters to operate under a single license, a government press release states. Australia's most populous state, New South Wales (NSW), is now entirely in drought , officials have confirmed.

Dez Bryant won't call John Dorsey back Dez Bryant won't call John Dorsey back Bryant also noted on Twitter: "I played with a broken foot before based of emotions, trying to satisfy the fans". He went on to tweet he would be taking a visit to Cleveland next week.

Firefighters battle a rare 'firenado' at plastics factory in the UK Firefighters battle a rare 'firenado' at plastics factory in the UK He said: 'We will be operational by the end of today though or as soon as the police and fire are finished. No one was injured in the blaze, and the cause of the fire has not yet been determined, Augusztinyi said.

US launches airstrikes as Taliban attack Afghan city US launches airstrikes as Taliban attack Afghan city The attack underlines the heavy losses still being suffered by security forces as they fight the Taliban insurgents. Thirty Taliban fighters and one Afghan security forces' member were killed, according to the provincial government.